Stocks drop on inflation, interest rate concerns

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Local share prices dropped again on concern over inflation and the possibility of more interest rate hikes by the US Federal Reserve and the Bangko Sentral ng Pilipinas.

The main index fell by 80.29 points or 1.16 percent to close at 6,842.79 with the Industrial sector leading the retreat. Volume weakened to 940 million shares worth P5.62 billion as losers beat gainers 112 to 81 with 45 unchanged.

He noted that, “back home everyone will be awaiting the latest results of the quarterly MSCI rebalancing. Some are speculating on specific index names that could be overweight or underweight.“

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